17 Questions
What type of data do prescriptive analytics tools use?
Data from different sources
Which analytics category is focused on understanding the reasons behind past outcomes?
Diagnostic Analytics
What is the main focus of Descriptive Analytics?
Summarizing and describing current business areas
Which tool is not used in prescriptive analytics?
Descriptive tools
What do businesses interested in Predictive Analytics aim to do?
Forecast the future and predict what will happen
Which type of analytics would be most beneficial for a business wanting to know 'what should be done'?
Prescriptive Analytics
What is the main focus of Descriptive Analytics?
Understanding past events
Which type of analytics aims to answer the question 'Why did it happen'?
Diagnostic analytics
What is the primary goal of Prescriptive Analytics?
Suggesting the best possible outcomes
What is the role of Diagnostic Analytics in the analytics process?
Understanding reasons behind past events
Which characteristic is associated with Volatility in data?
Durability
In which stage of analytics is the integration of raw data from different sources a key step?
Descriptive analytics
Which of the following is NOT a type of business analytics?
Normative Analytics
What is the primary goal of Predictive Analytics?
To forecast the future and predict what will happen
Which step of the OSEMN process involves finding the necessary data?
Obtain
Which of the following is a key characteristic of Predictive Analytics?
Identifying cause-effect relationships
Which of the following is NOT a key capability of Descriptive Analytics?
Predicting future trends and behavior
Explore the tools and data sources used in prescriptive analytics, including business rules, algorithms, simulations, machine learning, and computational modeling. Learn how these tools utilize real-time, historical, big data, and transactional data to provide actionable insights for businesses. Understand the difference between descriptive analytics and how it helps businesses in summarizing and describing their operations at an aggregate level.
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